Schooner Mystic fails to attract bid

Published November 11. 2009 2:05AM | Updated November 11. 2009 3:39AM

Mystic - There were no bidders for the schooner Mystic during a foreclosure auction in New Haven Monday, so Lignum Vitae, the local group that holds the mortgage on the boat, will now take ownership of the vessel.

John Senning, the Essex maritime attorney for Lignum Vitae, said the lack of bidders was not unexpected as a buyer would have had to pay off the $2.9 million in remaining mortgage, interest and fees. He said, though, that there is a market for the 171-foot-long, three-masted schooner.

Senning said it would now be up to Lignum Vitae to prepare to market the boat for sale or use it. Lignum Vitae principal Geoffrey Jones could not be reached to comment Tuesday.

Lignum Vitae LLC of Holmes Street has foreclosed on the mortgage it made to Mystic Schooner Line LLC, which was unable to pay off the mortgage. The Mystic was built in 2007 in Florida and began operating day sails, evening cruises and multi-day trips as part of Voyager Cruises on Holmes Street.